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FTC Targets $15.5B IonQ–SkyWater Chip Tie-Up With New Request

By  |  April 27, 2026

Federal regulators are taking a closer look at the planned merger between IonQ, Inc. and SkyWater Technology, as the U.S. Federal Trade Commission (FTC) has formally asked both companies for more detailed information. The request, delivered on Friday, marks a significant step in the agency’s ongoing antitrust review of the transaction.

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    Per a statement disclosed in a filing with the Securities and Exchange Commission, the FTC’s move activates an extended waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976. According to a statement, the timeline for the review will now continue until 30 days after the companies fully comply with the request, unless regulators decide to shorten or prolong that period further.

    The regulatory development comes amid a turbulent stretch for IonQ in the public markets. Despite reporting triple-digit revenue expansion—growing 202% over the past year through the fourth quarter of 2025—the company’s stock performance has been uneven. Shares are currently priced at $42.66, reflecting a 29% drop over the last six months. At the same time, IonQ’s valuation stands near $15.5 billion, and its stock has exhibited pronounced swings, underscored by a beta of 2.8. Over a 12-month period, however, the company has still delivered a 50% gain.

    Analysts tracking the stock have not reached a consensus view. Price forecasts span a wide range, from $35 on the low end to as high as $100. Some independent assessments suggest the shares may be trading above their intrinsic value, adding another layer of complexity for investors evaluating the company’s outlook.

    IonQ and SkyWater indicated they plan to move quickly in addressing regulators’ questions. According to a statement, both firms said they are working cooperatively with the FTC and remain focused on advancing the review process. They continue to anticipate closing the transaction sometime in the second or third quarter of 2026, assuming all regulatory and customary conditions are satisfied.

    The deal itself is structured in multiple stages. Initially, an IonQ subsidiary will merge into SkyWater, resulting in SkyWater becoming fully owned by IonQ. Immediately afterward, a second merger will take place involving another IonQ subsidiary, which will ultimately serve as the surviving entity.

    The transaction cannot be finalized until the waiting period required under the HSR Act expires or is terminated, in addition to meeting other standard closing requirements. IonQ’s securities are traded on the New York Stock Exchange under the tickers NYSE:IONQ and NYSE:IONQ WS.

    Beyond the merger process, IonQ has also been active on the technology front. The company recently outlined a roadmap for building fault-tolerant quantum computers capable of scaling to 10,000 physical qubits, detailing advancements across hardware, software, and system controls. In a separate milestone, IonQ announced it had successfully linked two independent trapped-ion quantum systems using photonic connections in partnership with the Air Force Research Laboratory, a development that points toward the future of interconnected quantum computing systems.

    Source: Investing